Emmvee Photovoltaic IPO
SEBI has granted its observation letter for the Initial Public Offer (IPO) of Emmvee Photovoltaic Power Ltd. The company will proceed with its IPO launch, subject to market conditions and regulatory clearances.
The Emmvee Photovoltaic IPO is a Book-Built Issue of Rs. 2,900 crore, comprising a fresh issue of Rs. 2,143.86 crore and an Offer for Sale (OFS) of Rs. 756.14 crore. The IPO will open for subscription on November 11, 2025, and close on November 13, 2025. The price band is fixed between Rs. 206 and Rs. 217 per share, with a lot size of 69 shares, requiring a minimum investment of Rs. 14,973 for retail investors. For small HNIs, the minimum application size is 966 shares (Rs. 2,09,622) and for large HNIs 4,623 shares (Rs. 10,03,191). The allotment is likely on November 14, and listing is expected on November 18, 2025, on both BSE and NSE.
JM Financial Ltd., IIFL Capital Services Ltd., Jefferies India Pvt. Ltd., and Kotak Mahindra Capital Co. Ltd. are the Book Running Lead Managers, while KFin Technologies Ltd. is the Registrar to the issue.
🕗 Last Update: 18 November 2025, 6.00 AM
👉 GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| IPO Opens on | 11 Nov. 2025 |
| IPO Closes on | 13 Nov. 2025 |
| Allotment on | 14 Nov. 2025 |
| Initiation of Refunds | 17 Nov. 2205 |
| Credit of Shares | 17 Nov. 2025 |
| Listing Date | 18 Nov. 2025 |
Promoters
The promoters of the company are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
Promoter Holding (Pre-Issue): 100%
Promoter Holding (Post-Issue): To be updated after equity dilution.
Objects of the Issue
| Particulars | Rs. in Crores |
|---|---|
| Repayment / prepayment of certain borrowings (including those of subsidiary) | 1,607.90 |
| General Corporate Purposes | — |
Business
Emmvee Photovoltaic Power Ltd., incorporated in March 2007, is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, it has 7.80 GW solar module capacity and 2.94 GW solar cell capacity — among the largest in India.
The company produces bifacial and mono-facial TOPCon modules, Mono PERC modules, and operates four manufacturing units across two Karnataka locations spanning 22.44 acres.
Its customers include leading IPPs, C&I players, and EPC firms such as Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, Zodiac Energy, and Prozeal Green Energy.
Competitive Strengths:
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Second largest pure-play integrated solar PV module & cell manufacturer in India.
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Among the top solar PV module manufacturers with strong order book and proven quality.
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Early mover in advanced TOPCon technology.
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Strong promoter-led management and diverse client base.
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Sustainable and efficient production footprint.
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 2 per share |
| Issue Price Band | Rs.206-217 |
| Lot Size | 69 Shares |
| Sale Type | Fresh Issue + Offer for Sale |
| Total Issue Size | Rs. 2,900 crore |
| Fresh Issue | Rs. 2,143.86 crore |
| Offer for Sale | Rs. 756.14 crore |
| Listing At | BSE, NSE |
How are the Shares Offered?
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Net Offer |
| Retail | Not more than 10% of the Net Offer |
| NII | Not more than 15% of the Net Offer |
How Shares can be applid?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 1 | 69 | 14,973 |
| Retail (Max) | 13 | 897 | 1,94,649 |
| S-HNI (Min) | 14 | 966 | 2,09,622 |
| S-HNI (Max) | 66 | 4,554 | 9,88,218 |
| B-HNI (Min) | 67 | 4623 | 10,03,191 |
Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
|---|---|---|---|
| Assets | 3,913.94 | 2,189.99 | 840.79 |
| Total Income | 2,360.33 | 954.44 | 644.37 |
| Profit After Tax | 369.01 | 28.90 | 8.97 |
| EBITDA | 721.94 | 120.44 | 56.27 |
| Net Worth | 531.41 | 162.77 | 133.97 |
| Reserves & Surplus | 529.37 | 160.73 | 131.93 |
| Total Borrowing | 519.62 | 1,441.30 | 1,949.69 |
| Amount in Rs. Crore |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 104.60% |
| ROCE | 23.33% |
| Debt/Equity | 3.63 |
| RoNW | 69.44% |
| PAT Margin | 15.80% |
| EBITDA Margin | 30.91% |
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PAT jumped 12.7x YoY, with margins and debt ratios improving sharply.
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Debt reduced by Rs. 900+ crore in FY25, indicating strong internal cash generation.
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ROE stands at a robust 104.6%, one of the highest in the renewable energy sector.
Peer Comparison
| Company | FY25 Income (Rs. Cr) | PAT (Rs. Cr) | ROE (%) | PE Ratio |
|---|---|---|---|---|
| Emmvee Photovoltaic | 2,360 | 369 | 104.6 | 34.89 |
| Waaree Energies* | — | — | 28.06 | 50.47 |
| Premier Energies* | — | — | 54.03 | 51.30 |
Valuation & Peer Comparison
At the upper price band of Rs. 217, the issue is valued at a P/E of 34.89x, which appears moderate when compared to peers:
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Waaree Energies: 50.47x
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Premier Energies: 51.30x
Given Emmvee’s superior return ratios and sharp financial turnaround, the valuation looks reasonable and leaves scope for listing gains.
IPO Concise Review by Paresh Gordhandas, CA & Research Analyst
Emmvee Photovoltaic has successfully transformed from a modest solar equipment player into a large-scale integrated renewable enterprise. The consistent rise in revenue, sharp profit expansion, and debt reduction reflect strong operational efficiency. The IPO is attractively priced relative to industry peers, considering the fast-growing solar energy market and government-backed manufacturing incentives.
Investment Verdict: Apply for strong listing and medium-term gains.
Solid fundamentals, improving balance sheet, and favorable policy tailwinds make this IPO one of the most promising renewable energy plays of FY26.
| Final Subscription Tally | |||||
| Size – Rs 2900 Cr | |||||
| (Closed on 13 November 2025) | |||||
| QIB | B HNI | S HNI | HNI | RII | Total |
| 1.33 | 0.20 | 0.54 | 0.32 | 1.16 | 1.02 |
| Subscription Review – 1,75,754 applications Retail subscription trend improved on Day-3, QIB support will sail through this IPO soon. |
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Registered Office
Emmvee Photovoltaic Power Ltd.
13/1, International Airport Road, Bettahalasur Post,
Bengaluru, Karnataka – 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: www.emmveepv.com
Registrar to IPO
KFin Technologies Ltd.
Phone: 040-6716 2222 / 040-7961 1000
Email: emmvee.ipo@kotak.com
Website: ipostatus.kfintech.com
Lead Managers
JM Financial Ltd. | IIFL Capital Services Ltd. | Jefferies India Pvt. Ltd. | Kotak Mahindra Capital Co. Ltd.
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